A notable market veteran and investment strategist has recommended that investors buy XRP but points out a critical level to exit the market.
Notably, his recent disclosure comes as XRP maintains strength amid a broader crypto market pullback. Over the past week, it has surged 30%, far outperforming other assets in the top 10 by market capitalization.
Despite Bitcoin dropping below $95,000 and losing 3.61% over 24 hours, XRP held losses to just 1.73%, indicating relative resilience. Altcoins like Solana and Dogecoin saw steeper declines of 5.48% and 4.2%, respectively, while Ethereum is the only top-10 asset recording gains.
Investment strategist and Mathematician Tunc Satiroglu shared an analysis supporting XRP’s bullish outlook. His 4-hour chart shows important price levels and indicators that could determine XRP’s near-term trajectory.
XRP’s Range-bound Movements
The chart shows XRP trading within a range, primarily between the Fibonacci levels of $1.30 and $1.60. For context, XRP entered this region last week after breaching the $1 price territory two weeks back for the first time in over three years.
XRP initially spiked to a top of $1.63 on Nov. 23 before facing retracement. As it ranges between $1.30 and $1.60, Satiroglu confirms that the $1.30 is a major stop-loss level for investors. This implies that price dips below this level could signal a bearish reversal.
Conversely, $1.60 is the primary resistance level. Breaking above this zone would likely propel XRP higher, allowing XRP to aim for the $1.7 region, with a subsequent push possibly eyeing $1.96. Market veteran Peter Brandt expects an explosive surge once $1.96 clears.
XRP Indicators Show Mixed Momentum
Meanwhile, Satiroglu’s recent chart shows parallel trend lines indicating a bullish channel, with XRP respecting these boundaries. The price has retraced from the upper channel and is currently consolidating. If it reclaims the upper channel, it may signal renewed bullish momentum toward higher Fibonacci extensions.
Interestingly, volume data reveals an increase in activity during upward price movements. This typically indicates strong buying interest. However, volume has recently lowered, suggesting waning enthusiasm, which might explain the price consolidation around $1.44.
Also, the stochastic suggests that overbought conditions have eased. The lines are trending upward after a recent crossover in the oversold region. This setup indicates there could be potential bullish continuation if buyers regain control.
Remarkably, on-chain data confirms a rise in whale accumulation. Santiment shows that whales holding between 1 million and 10 million XRP have accumulated 230 million tokens over the past week. Also, XRP investment products saw a 353% rise in inflow to $15 million last week.
However, it appears retail and smaller investors are selling off their bags amid XRP’s reawakening, contributing to the roadblock. At press time, XRP currently changes hands at $1.44, up 176% this month.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
